Income Tax : ITAT emphasised that valuation must reflect circumstances on the transaction date. AO cannot use hindsight or later valuations to ...
Income Tax : Transaction of sale of Unquoted equity shares will result in double taxability of difference between the FMV and transaction Valu...
Income Tax : Company ♦ Section 115QA, which provides for the levy of tax, on account of buy-back of shares, at an effective rate of 23.296% (...
Income Tax : Section 50CA Special provision for full value of consideration for transfer of share other than quoted share Section 50CA of Incom...
Income Tax : Capital reduction refers to corporate reorganisation activity in which the existing share capital is extinguished. Companies consi...
Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...
Income Tax : CBDT has released the draft rules prescribing ‘unquoted shares’ valuation for purposes of Sec. 56(2)(x)/50CA (an important dev...
Income Tax : ITAT Chennai held that unrealizable assets of a company under insolvency could not be included while computing fair market value u...
Income Tax : The Tribunal examined whether GST could be included in gross receipts for presumptive income. It held that GST is a statutory levy...
Income Tax : Tribunal holds that when unlisted shares are sold above the prescribed fair market value, Section 50CA does not apply. The ruling ...
Income Tax : The ITAT found the AO's valuation incorrect, emphasizing that FMV must be determined on the date of transfer, leading to the resto...
Income Tax : The Tribunal upheld that the assessee could adopt NAV for one sale and DCF for another, as both are recognized under Rule 11UA. Si...
Income Tax : New Income TAx Rule 11UD- Prescribed class of persons for the purpose of section 50CA i.e to whom provisions of section 50CA s...
Income Tax : Determination of Fair Market Value for share other than quoted share. 11UAA. For the purposes of section 50CA, the fair market val...
ITAT Chennai held that unrealizable assets of a company under insolvency could not be included while computing fair market value under Rule 11UA. The Tribunal directed recomputation using the NCLT auction price instead of the artificial valuation adopted by the AO.
The Tribunal examined whether GST could be included in gross receipts for presumptive income. It held that GST is a statutory levy with no income element and must be excluded under section 44BB.
Tribunal holds that when unlisted shares are sold above the prescribed fair market value, Section 50CA does not apply. The ruling rejects reclassification of part of the consideration as income from other sources.
The ITAT found the AO’s valuation incorrect, emphasizing that FMV must be determined on the date of transfer, leading to the restoration of the long-term capital loss for the Assessee.
ITAT emphasised that valuation must reflect circumstances on the transaction date. AO cannot use hindsight or later valuations to make additions under Section 50CA.
The Tribunal upheld that the assessee could adopt NAV for one sale and DCF for another, as both are recognized under Rule 11UA. Since the AO failed to show any defect in the valuation reports, the substituted FMV was held invalid. The deletion of the section 50CA addition was confirmed.
Delhi ITAT grants relief to Park View Automotive, deleting a ₹5.59 Cr. addition on share sale. The Tribunal held that an AO cannot arbitrarily substitute a genuine bulk sale price based merely on an Investigation Wing report or suspicion, emphasizing that concrete documentary evidence must be rebutted.
Delhi High Court held that in absence of transfer of title or sale of property, no incidence of tax can be invoked. Accordingly, addition u/s. 68 on account of sale not justifiable in absence of any transfer. Hence, appeal of revenue dismissed.
ITAT Ahmedabad dismisses Revenue’s appeal, validates the sale price of unquoted shares in Bipin Babubhai Panchal’s LTCG case, rejecting fabrication claims.
Bombay High Court ruling states that capital gain tax is not applicable on the transfer of shares as a gift. Detailed analysis and judgment explanation provided.
